Mortgage Protection Insurance

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Why choose Mortgage Protection Insurance?

Mortgage Protection, issued by St Andrew’s Insurance and St Andrew's Life Insurance, helps cover your home loan repayments or loan obligations (Line of Credit) in the event of the unfortunate and unforeseen.

Depending upon the cover options selected, it may provide cover for loss of life, illness, accidental injury and involuntary unemployment.

Mortgage Protection is optional and can be purchased at any time. An application is available from your lender. Note: Additional qualifying periods apply for Involuntary Unemployment cover if cover commences more than 60 days after the credit facility is funded.

Any life cover benefit in excess of the outstanding loan balance will be paid to your estate. Any excess terminal illness benefit will be paid to you.

Temporary Interim life cover if you should die during the period between applying for mortgage protection and the date your loan settles.

Accident & Sickness Cover

Helps you to concentrate on getting back on your feet if you are off work due to accidental injury or sickness.

If you become unfit for work for a continuous period of 30 days or more, may pay your monthly benefits after the first 30 days for up to 36 months.

The monthly benefit for any claim will be your monthly repayment multiplied by your chosen percentage of cover.

A maximum monthly payment of $12,000 and an overall maximum benefit of $100,000 applies for all accident & sickness claims with St Andrew’s.

Cover begins upon the settlement date of the loan/activation of the Line of Credit facility or the date the application is accepted by St Andrew’s, whichever is the later.

Involuntary Unemployment Cover

Helps protect your financial obligations while you focus on getting back to work.

If you become involuntarily unemployed for a continuous period of 30 days or more, we may pay your monthly benefits after the first 30 days for up to 6 months for any one claim.

The monthly benefit for any claim will be your monthly repayment multiplied by your chosen percentage of cover.

A maximum monthly payment of $12,000 and an overall maximum benefit of $100,000 applies for all involuntary unemployment claims with St Andrew’s.

Cover begins upon the settlement date of the loan/activation of the Line of Credit facility or the date the application is accepted by St Andrew’s whichever is the later.

Eligibility

You, as the borrower on the Loan, and any additional borrowers, are eligible for cover:

If you are aged 18 years and over and under 61 years of age when you apply for cover and you are an Australian Resident

For Accident & Sickness and Involuntary Unemployment Cover - you must be employed as a permanent, Self-employed, casual or fixed-term worker, and working for at least 20 hours per week -

If the total amount you insure is more than $750,000, you will also be required to complete an additional Underwriting Questionnaire. This Questionnaire will ask for details of your medical history, occupation and other relevant information.

Qualifying periods, exclusions and limitations apply on all cover levels. Please refer to the Product Disclosure Statement to see if this product is right for you.

Qualifying periods, exclusions and limitations apply to all cover levels.

Any information provided on this website is general advice only and has been prepared without taking account of your objectives, financial situation or needs. You should read and consider the relevant Product Disclosure Statement for full details of cover, before making any decision about whether purchase or continue to hold a product. This insurance is optional and you may take out these types of insurance with any insurer of your choice.

St Andrew’s are part of the Bank of Queensland Limited ABN 32 009 656 740 (BOQ) group. Neither SAI nor SALI are Authorised Deposit-taking Institutions. BOQ nor any of its related companies (other than St Andrew’s) or agents guarantee or otherwise support the obligations or performance of St Andrew’s, their products or the benefits payable under the insurance. All benefits are payable solely by the insurers. All cover is subject to acceptance by the issuers.

BOQ will receive a commission of up to 20% of the premium for insurance arranged, details of which are set out in the relevant Financial Services Guide.